Bankruptcy 2007 debt bally
This Red Lobster example perfectly encapsulates the state of consolidation that late capitalism in the United States has entered. The systematic dismantling of tangible things which took decades to build has reduced America into a capital scrap yard, it makes less than nothing now.
2024.05.21 19:13 yuritopiaposadism This Red Lobster example perfectly encapsulates the state of consolidation that late capitalism in the United States has entered. The systematic dismantling of tangible things which took decades to build has reduced America into a capital scrap yard, it makes less than nothing now.
 | submitted by yuritopiaposadism to lostgeneration [link] [comments] |
2024.05.21 19:13 yuritopiaposadism This Red Lobster example perfectly encapsulates the state of consolidation that late capitalism in the United States has entered. The systematic dismantling of tangible things which took decades to build has reduced America into a capital scrap yard, it makes less than nothing now.
 | submitted by yuritopiaposadism to Anarchy4Everyone [link] [comments] |
2024.05.21 18:28 BleepBlimpBop $RILY DD: Long List of Short Seller Claims --- DEBUNKED with proof!
Ever-shifting Short Seller Claims
The short sellers attacking RILY in 2023-2024 have been relentless (currently 57% of float sold short per FinViz), with an ever-shifting list of wild accusations.It's sickening to watch them compile a never-ending list of baseless wild theories and claims to support their short positions, which are demonstrably false. But as each is proved false, they pivot to new claims, and/or change the goalposts.
The sheer volume of shifting claims makes it hard to track how despotic they are with their "platform," and how many falsehoods they've spun. Even for someone who watched it in real-time, for almost a year
Compiled & Debunked
Sunlight kills vampires. To that end, I've compiled a list of (i) claimants (ii) claims (iii) reality (iv) definitive source proving reality.Why Did They Target RILY?
One of the most vocal short sellers, Nate Koppikar (who also introduced Marc Cohodes to the "opportunity") has a fund Orso Partners. Based on their SEC registration document, this is their investment thesis:"The Account’s investment objectives are to achieve capital appreciation primarily by identifying and selling short marketable equity securities of underfollowed and complex companies with misleading or corrective disclosures through a research-intensive process. The Account employs a short-biased investment strategy with an emphasis on primarily small to mid-cap companies that are underfollowed and complex (i.e., companies with market capitalizations of less than $5 billion which the market does not yet have a wellformed bull and/or bear perspective)."
RILY fits their description. The icing on the cake was the relatively large market cap, and the relatively small float. Given extremely high insider ownership (32.9% of shares per the proxy), and limitations on when and how insiders can trade, the "free float" of the stock (i.e., the shares that regularly trade) is very small for the size of the company. Moreover, the setup would only get better - given insiders have consistently used their free cash to buy additional shares hand-over-fist (further reducing the float).
That meant, with relatively small amounts of capital, the short sellers could shove around the stock price. That ability to move price opens another profit avenue - taking large derivative positions (buying puts, and selling calls), and shoving the price (or allowing it to drift up) to profit all along the way. It looked so good, the stock has been the highest-shorted on the US indices for several months. Even after the release of the 10-K, shares remain "hard to borrow" with elevated borrow fees.
Debunked Claims
The claims made by vocal short sellers could fill a book. Most were outrageous and fanciful when they were proposed. Virtually all have objectively debunked. This isn't a comprehensive list, as their claims are too numerous and varied. But it paints an illuminating picture.With a track record this poor, one would expect the short sellers to exit - rather than continuing to spin new narratives. Perhaps the continued attacks are their exit strategy to avoid bankruptcy... Well, #Bullish.
With the highest short interest of all US stocks (albeit likely decreased from the highs of ~76% of the float), I think this is more than ripe for a return to fair value - or well above, if a short squeeze occurs.
Note: this sub disallows image posts. There is a similar post in the RILYStock sub which contains virtually all source images for the claim in the comments (too many images to embed in the post). The source images are illuminating.
Note that the list below deliberately excludes three types of posts/claims from the short sellers:
A) Juvenile personal attacks and attempts to character assassinate and dox a long list of people (RILY CEO, RILY new hires, RILY clients, Marcum the auditor, Marcum's lead audit professional, any firm or individual publicly posting a bull thesis on RILY, etc.).
B) Those that make no objective claims, but simply exist as a product of malicious degeneracy (like pictures of roasted pigs in ovens labeled Bryant Riley the CEO, photoshopped pictures of the CEO in prison chains next to convicted felons, video of an obese woman barely able to walk being gored by a bull labeled Mrs. Riley the CEO's wife, etc.).
C) Those that are impossible for short sellers to know, and impossible to objectively verify (e.g., Marc Cohodes claiming a single RILY trader front runs the CEOs personal short trades in front of clients taking following the firm's bullish advice on those stocks, to guarantee profits).
| Claimant | Claim | Reality |
|---|---|---|
| 1) Wolfpack | Wolfpack “RILY will record investment losses of up to ~$700 million in 2023” FALSE 10-K | FALSE |
| 2) Wolfpack | “new loan to CORZQ will work out just as badly as the last and end in default (again) before June 2023” | FALSE Repaid in full, early, on 1/6/2024. |
| 3) Wolfpack | “The coupon rate on RILY’s seven issues of baby bonds ranges from 5% to 6.75%, which we believe to be far too low to compensate investors for the existential risk that accompanies these securities.” | FALSE Full redemption of May 2024 came early. Far more than sufficient cash to cover debt payments. |
| 4) Wolfpack | “According to our analysis, 4 of RILY’s largest 7 corporate borrowers with outstanding loan balances of $295.3 million are at a high risk of default, or in the case of CORZQ, is already in default.” | FALSE a. Core Scientific Inc. repaid early and in full ($111MM of the “risk”) b. Exela Technologies repaid term loan in full ($55.8MM of the “risk”) c. Arena Group Holdings debt retired in full ($99MM of the “risk”). Publicly disclosed in the most recent 10-K for each company (search for "Riley" in the filing) |
| 5) Wolfpack | “RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023” | FALSE RILY is in full compliance with the Nomura credit agreement. Moreover, reflecting the strength of the relationship, Nomura even granted a no-fee extension when the 10-K filing was delayed. Also see 10-K for current status. |
| 6) Wolfpack | “Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:” - criticizing them as dying businesses with no value | FALSE Segment is extremely valuable. From just 2020 to 2023, the communications segment has returned over $212.2MM in adjusted EBITDA. |
| 7) Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate), Various | RILY committed fraud with loans and closing the FRG acquisition. "The fact $RILY closed the FRG deal while hiding the Kahn loan - an all PIK defaulted loan backed by $FRG shares - is a Hall of Fame worthy act of fraud. I thought after Enron/Sarbox we couldn't have something like this happen in US markets." | FALSE A law firm led an internal investigation, and an independent external investigation both found “The review confirmed what the Company previously disclosed: that the Company and its executives, including Bryant Riley, had no involvement with, or knowledge of, any of the alleged misconduct concerning Prophecy.” “The results of the independent investigation confirmed that the Company and its executives had no involvement with, or knowledge of, any of the alleged misconduct concerning Mr. Kahn or any of his affiliates. This independent investigation was conducted subsequent to the Company's February 22, 2024 disclosure of the internal review performed with the assistance of Sullivan & Cromwell LLP as outside counsel.” Also see 10-K |
| 8) Marc Cohodes (AlderlaneEggs), ParrotCapital, Bill Abbate Jr. (JrAbbate), Various | The 10-K will never be filed. They can't produce audited financials. | FALSE Audited 10-K was filed. Delay was due to Audit committee fulfilling its responsibilities and proactively conducting investigations (internal and external). |
| 9) Marc Cohodes (AlderLaneEggs) + Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate) + ParrotCapital | Sullivan and Cromwell knew about Massive Fraud, and did a "sham investigation" | FALSE Sullivan and Cromwell is one of the most respected law firms, in the US and worldwide. "Sullivan & Cromwell continues to lead all law firm advisers in announced and completed global deals in 2023, according to Bloomberg and LSEG. The Firm advised on global announced deals totaling more than $345 billion, representing a 12.1 percent market share, per Bloomberg, and on completed global deals totaling more than $431 billion, representing a 16.9 percent market share, per LSEG." They're not compromising themselves for a relatively small client. |
| 10) Marc Cohodes (AlderLaneEggs), Nate Koppikar (TheFriendlyBear), Bill Abbate Jr. (JrAbbate), Parrot Capital | Marcum is enabling Massive Fraud | FALSE Marcum is a respected audit firm, and 13th largest by revenue. "Marcum LLP advanced into the Top 15 in the 2023 Vault Accounting list of top-ranked accounting firms. Marcum climbed six levels to the No. 13 ranking overall and earned a ranking of 14 in prestige. The Firm also won Top 20 rankings across all Practice Area, Quality of Life, and Diversity categories, including several new classifications added this year." |
| 11) Marc Cohodes (AlderLaneEggs) | Nomura is enabling Massive Fraud | FALSE Nomura is a global financial services company, and the oldest brokerage firm in Japan. They operate in a highly regulated industry. They're not putting themselves on the line for a relatively small client. |
| 12) Parrot Capital | "The list of $RILY enablers is massive: Marcum LLP, Sullivan and Cromwell, Seeking Alpha, Holbrook Holdings, $AX Axos Bank, Many, many more." | FALSE There's no global conspiracy whereby these companies - all respected law firms, auditors, banks, and media outlets - are collectively colluding to enable RILY to commit fraud. Requires only two brain cells and one functioning synapse to know there's no grand collusion cabal between these disparate companies. |
| 13) Marc Cohodes (AlderLaneEggs), Jonathan Weil at WSJ | Franchise Group shares used to secure Kahn loan: "It is unclear whether Kahn pledged the same shares twice—to both Prophecy and B. Riley." | FALSE As stated by the company, Simple UCC search disproves this. UCC # 202302295747 |
| 14) Marc Cohodes (AlderLaneEggs) | “Bryant Riley is on the Road, telling people the ‘audit partner at Marcum left’ and that ‘I have made mistakes’ “ | FALSE Marcum audit partner was working on the audit the whole time; the original audit partner had hit the 5yr SEC rule, so he was never working on this year’s audit. |
| 15) Marc Cohodes (AlderLaneEggs) | "So it turns out James La Rocca was Fired by MarcumLLP If nothing was wrong with prior $RILY Audits, why is he gone? This will be great in discovery of what exactly went on. | FALSE Marcum audit partner was working on the audit the whole time; the original audit partner had hit the 5yr SEC rule, so he was never working on this year’s audit. |
| 16) Koppikar (TheFriendlyBear) | “So Bryant Riley did disseminate MNPI back in March” in response to Cohodes claim that he told people the Marcum partner left | FALSE Cohodes claimed Bryant Riley was telling people the Marcum auditor left. Koppikar called that disseminating MNPI. Cohodes statement was false (and thus Koppikar's derivate claim is also false). A different auditor worked on RILY, as Marcum follows the SEC rules; the lead auditor can only serve the client for 5 consecutive years. As such, Koppikar’s derivative claim of disseminating MNPI is false. |
| 17) Koppikar (TheFriendlyBear) | “He appears to still not be familiar with the voting interest model of consolidation… why is a life science and tech partner signing an extremely complex investment company / broker dealer audit ???” i.e., auditor is unqualified | FALSE The auditor is fully qualified. Marcum is a highly respected auditor; they don't hire unqualified people, or assign them to clients they're unqualified to audit. RILY is continuing to use Marcum as the 2024 auditor. |
| 18) Marc Cohodes (AlderLaneEggs) | "Now that the $RILY dividend is going away, this omission is serious stuff" | FALSE The dividend did not go away. It was reduced from $1.00/share to $0.50/share, to allow them to opportunistically allocate capital. 23Q4 and 24Q1 |
2024.05.21 18:23 BleepBlimpBop $RILY: Long List of Short Seller Claims --- DEBUNKED
Ever-shifting Short Seller Claims
The short sellers attacking RILY in 2023-2024 have been relentless (currently 57% of float sold short per FinViz), with an ever-shifting list of wild accusations.It's sickening to watch them compile a never-ending list of baseless wild theories and claims to support their short positions, which are demonstrably false. But as each is proved false, they pivot to new claims, and/or change the goalposts.
The sheer volume of shifting claims makes it hard to track how despotic they are with their "platform," and how many falsehoods they've spun. Even for someone who watched it in real-time, for almost a year
Compiled & Debunked
Sunlight kills vampires. To that end, I've compiled a list of (i) claimants (ii) claims (iii) reality (iv) definitive source proving reality.Why Did They Target RILY?
One of the most vocal short sellers, Nate Koppikar (who also introduced Marc Cohodes to the "opportunity") has a fund Orso Partners. Based on their SEC registration document, this is their investment thesis:"The Account’s investment objectives are to achieve capital appreciation primarily by identifying and selling short marketable equity securities of underfollowed and complex companies with misleading or corrective disclosures through a research-intensive process. The Account employs a short-biased investment strategy with an emphasis on primarily small to mid-cap companies that are underfollowed and complex (i.e., companies with market capitalizations of less than $5 billion which the market does not yet have a wellformed bull and/or bear perspective)."
RILY fits their description. The icing on the cake was the relatively large market cap, and the relatively small float. Given extremely high insider ownership (32.9% of shares per the proxy), and limitations on when and how insiders can trade, the "free float" of the stock (i.e., the shares that regularly trade) is very small for the size of the company. Moreover, the setup would only get better - given insiders have consistently used their free cash to buy additional shares hand-over-fist (further reducing the float).
That meant, with relatively small amounts of capital, the short sellers could shove around the stock price. That ability to move price opens another profit avenue - taking large derivative positions (buying puts, and selling calls), and shoving the price (or allowing it to drift up) to profit all along the way. It looked so good, the stock has been the highest-shorted on the US indices for several months. Even after the release of the 10-K, shares remain "hard to borrow" with elevated borrow fees.
Debunked Claims
The claims made by vocal short sellers could fill a book. Most were outrageous and fanciful when they were proposed. Virtually all have objectively debunked. This isn't a comprehensive list, as their claims are too numerous and varied. But it paints an illuminating picture.With a track record this poor, one would expect the short sellers to exit - rather than continuing to spin new narratives. Perhaps the continued attacks are their exit strategy to avoid bankruptcy... Well, #Bullish.
With the highest short interest of all US stocks (albeit likely decreased from the highs of ~76% of the float), I think this is more than ripe for a return to fair value - or well above, if a short squeeze occurs.
Note that the list below deliberately excludes three types of posts/claims from the short sellers:
A) Juvenile personal attacks and attempts to character assassinate and dox a long list of people (RILY CEO, RILY new hires, RILY clients, Marcum the auditor, Marcum's lead audit professional, any firm or individual publicly posting a bull thesis on RILY, etc.).
B) Those that make no objective claims, but simply exist as a product of malicious degeneracy (like pictures of roasted pigs in ovens labeled Bryant Riley the CEO, photoshopped pictures of the CEO in prison chains next to convicted felons, video of an obese woman barely able to walk being gored by a bull labeled Mrs. Riley the CEO's wife, etc.).
C) Those that are impossible for short sellers to know, and impossible to objectively verify (e.g., Marc Cohodes claiming a single RILY trader front runs the CEOs personal short trades in front of clients taking following the firm's bullish advice on those stocks, to guarantee profits).
| Claimant | Claim | Reality |
|---|---|---|
| 1) Wolfpack | Wolfpack “RILY will record investment losses of up to ~$700 million in 2023” FALSE 10-K | FALSE |
| 2) Wolfpack | “new loan to CORZQ will work out just as badly as the last and end in default (again) before June 2023” | FALSE Repaid in full, early, on 1/6/2024. |
| 3) Wolfpack | “The coupon rate on RILY’s seven issues of baby bonds ranges from 5% to 6.75%, which we believe to be far too low to compensate investors for the existential risk that accompanies these securities.” | FALSE Full redemption of May 2024 came early. Far more than sufficient cash to cover debt payments. |
| 4) Wolfpack | “According to our analysis, 4 of RILY’s largest 7 corporate borrowers with outstanding loan balances of $295.3 million are at a high risk of default, or in the case of CORZQ, is already in default.” | FALSE a. Core Scientific Inc. repaid early and in full ($111MM of the “risk”) b. Exela Technologies repaid term loan in full ($55.8MM of the “risk”) c. Arena Group Holdings debt retired in full ($99MM of the “risk”). Publicly disclosed in the most recent 10-K for each company (search for "Riley" in the filing) |
| 5) Wolfpack | “RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023” | FALSE RILY is in full compliance with the Nomura credit agreement. Moreover, reflecting the strength of the relationship, Nomura even granted a no-fee extension when the 10-K filing was delayed. Also see 10-K for current status. |
| 6) Wolfpack | “Over $200 Million of the Goodwill and Intangible Assets on RILY’s Balance Sheet is Attributable to its Telecom Rollup, which is Centered on Dial-up and DSL Internet:” - criticizing them as dying businesses with no value | FALSE Segment is extremely valuable. From just 2020 to 2023, the communications segment has returned over $212.2MM in adjusted EBITDA. |
| 7) Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate), Various | RILY committed fraud with loans and closing the FRG acquisition. "The fact $RILY closed the FRG deal while hiding the Kahn loan - an all PIK defaulted loan backed by $FRG shares - is a Hall of Fame worthy act of fraud. I thought after Enron/Sarbox we couldn't have something like this happen in US markets." | FALSE A law firm led an internal investigation, and an independent external investigation both found “The review confirmed what the Company previously disclosed: that the Company and its executives, including Bryant Riley, had no involvement with, or knowledge of, any of the alleged misconduct concerning Prophecy.” “The results of the independent investigation confirmed that the Company and its executives had no involvement with, or knowledge of, any of the alleged misconduct concerning Mr. Kahn or any of his affiliates. This independent investigation was conducted subsequent to the Company's February 22, 2024 disclosure of the internal review performed with the assistance of Sullivan & Cromwell LLP as outside counsel.” Also see 10-K |
| 8) Marc Cohodes (AlderlaneEggs), ParrotCapital, Bill Abbate Jr. (JrAbbate), Various | The 10-K will never be filed. They can't produce audited financials. | FALSE Audited 10-K was filed. Delay was due to Audit committee fulfilling its responsibilities and proactively conducting investigations (internal and external). |
| 9) Marc Cohodes (AlderLaneEggs) + Nate Koppikar (TheFriendlyBear) + Bill Abbate Jr. (JrAbbate) + ParrotCapital | Sullivan and Cromwell knew about Massive Fraud, and did a "sham investigation" | FALSE Sullivan and Cromwell is one of the most respected law firms, in the US and worldwide. "Sullivan & Cromwell continues to lead all law firm advisers in announced and completed global deals in 2023, according to Bloomberg and LSEG. The Firm advised on global announced deals totaling more than $345 billion, representing a 12.1 percent market share, per Bloomberg, and on completed global deals totaling more than $431 billion, representing a 16.9 percent market share, per LSEG." They're not compromising themselves for a relatively small client. |
| 10) Marc Cohodes (AlderLaneEggs), Nate Koppikar (TheFriendlyBear), Bill Abbate Jr. (JrAbbate), Parrot Capital | Marcum is enabling Massive Fraud | FALSE Marcum is a respected audit firm, and 13th largest by revenue. "Marcum LLP advanced into the Top 15 in the 2023 Vault Accounting list of top-ranked accounting firms. Marcum climbed six levels to the No. 13 ranking overall and earned a ranking of 14 in prestige. The Firm also won Top 20 rankings across all Practice Area, Quality of Life, and Diversity categories, including several new classifications added this year." |
| 11) Marc Cohodes (AlderLaneEggs) | Nomura is enabling Massive Fraud | FALSE Nomura is a global financial services company, and the oldest brokerage firm in Japan. They operate in a highly regulated industry. They're not putting themselves on the line for a relatively small client. |
| 12) Parrot Capital | "The list of $RILY enablers is massive: Marcum LLP, Sullivan and Cromwell, Seeking Alpha, Holbrook Holdings, $AX Axos Bank, Many, many more." | FALSE There's no global conspiracy whereby these companies - all respected law firms, auditors, banks, and media outlets - are collectively colluding to enable RILY to commit fraud. Requires only two brain cells and one functioning synapse to know there's no grand collusion cabal between these disparate companies. |
| 13) Marc Cohodes (AlderLaneEggs), Jonathan Weil at WSJ | Franchise Group shares used to secure Kahn loan: "It is unclear whether Kahn pledged the same shares twice—to both Prophecy and B. Riley." | FALSE As stated by the company, Simple UCC search disproves this. UCC # 202302295747 |
| 14) Marc Cohodes (AlderLaneEggs) | “Bryant Riley is on the Road, telling people the ‘audit partner at Marcum left’ and that ‘I have made mistakes’ “ | FALSE Marcum audit partner was working on the audit the whole time; the original audit partner had hit the 5yr SEC rule, so he was never working on this year’s audit. |
| 15) Marc Cohodes (AlderLaneEggs) | "So it turns out James La Rocca was Fired by MarcumLLP If nothing was wrong with prior $RILY Audits, why is he gone? This will be great in discovery of what exactly went on. | FALSE Marcum audit partner was working on the audit the whole time; the original audit partner had hit the 5yr SEC rule, so he was never working on this year’s audit. |
| 16) Koppikar (TheFriendlyBear) | “So Bryant Riley did disseminate MNPI back in March” in response to Cohodes claim that he told people the Marcum partner left | FALSE Cohodes claimed Bryant Riley was telling people the Marcum auditor left. Koppikar called that disseminating MNPI. Cohodes statement was false (and thus Koppikar's derivate claim is also false). A different auditor worked on RILY, as Marcum follows the SEC rules; the lead auditor can only serve the client for 5 consecutive years. As such, Koppikar’s derivative claim of disseminating MNPI is false. |
| 17) Koppikar (TheFriendlyBear) | “He appears to still not be familiar with the voting interest model of consolidation… why is a life science and tech partner signing an extremely complex investment company / broker dealer audit ???” i.e., auditor is unqualified | FALSE The auditor is fully qualified. Marcum is a highly respected auditor; they don't hire unqualified people, or assign them to clients they're unqualified to audit. RILY is continuing to use Marcum as the 2024 auditor. |
| 18) Marc Cohodes (AlderLaneEggs) | "Now that the $RILY dividend is going away, this omission is serious stuff" | FALSE The dividend did not go away. It was reduced from $1.00/share to $0.50/share, to allow them to opportunistically allocate capital. 23Q4 and 24Q1 |
| 19) Marc Cohodes (AlderLaneEggs) | "$RILY doesn't make it till Easter... I will say it again and again.." | FALSE They made it, filed a 10-K and paid a dividend, filed a 10-Q and are paying a dividend, and are chugging along. With stock price 50% higher than when this claim was made. |
2024.05.21 17:20 Camiejoules Anyone here received relief through Insolvency & Bankruptcy Code 2016 (IBC)?
Anyone here received relief through the Insolvency & Bankruptcy Code 2016 (IBC)? Does it work? Will it offer a chance to rebuild life?
submitted by Camiejoules to personalfinanceindia [link] [comments]
- I'm alone, all my loved ones are dead.
- I am mute and autistic, I can't do job interviews or be taken seriously though no cognitive impairment.
- I do not have a degree., I'm a self-taught software engineer.
- I'm in 15+ lakhs debt accumulated to cover loan EMI, no longer receiving loans to pay loans.
- I'm dependent on credit because I have a heart condition, and can't do physical work. I can't even be a housemaid.
- I'm not getting freelance work since COVID.
- I have no assets or properties in my name.
- All loans are unsecured, but I can't default because I'm dependent on credit for basic necessities without income.
- I'm a trans-woman.
- Bank has refused deferment of EMIs.
- I even considered doing OF out of desperation, but due to autism and being asexual, it's a lot harder for me to degrade myself in front of the camera for other people's enjoyment.
- I get panic attacks whenever I attempt OF and I end up cutting (self-harm), often leading to suicide attempts.
- I can't do any physical labor or customer-facing roles.
- I applied at the local bakery and other such shops but was denied the job because I couldn't speak nor maintain eye contact (autism).
- I faint frequently, I have a very low constitution due to heart problems.
- My job prospects are limited due to my disabilities.
- I'm no longer getting freelance work. My income is zero.
- I used to get decent work before covid, so it's not my because I'm unskilled. It's market saturation by people with degrees, certificates, and ex-bigtech status.
- PG I'm staying at discovered I'm cutting and realized I'm dealing with severe depression, there is talks about kicking me out as they can't risk me dying there.
- I am on antidepressants and antianxiety meds, I showed them and informed them I'm managing my depression, but in truth, It's only preventing me from offing myself instantly.
2024.05.21 16:28 AblePost7537 KENTUCKY VA MORTGAGE LENDER APPROVAL REQUIREMENTS
Comparing Kentucky VA loans to Kentucky USDA, FHA, and Fannie Mae loans in Kentucky
Leave a replyKentucky VA loans Compared to Kentucky USDA, FHA, and Fannie Mae loans in Kentucky
When comparing Kentucky VA loans to Kentucky USDA, FHA, and Fannie Mae loans in Kentucky, several factors come into play, including credit score requirements, income considerations, work history, debt ratios, and how each loan type treats bankruptcy and foreclosure. Let’s delve into the benefits and differences of each loan type:Kentucky Mortgage Credit Score Requirements:
- Kentucky VA Loan: VA loans typically have more flexible credit score requirements compared to conventional loans. While there’s no specific minimum score set by VA , most Kentucky VA lenders often look for a credit score of 620 or higher. I can do VA loans down to a 580 credit score.
- Kentucky USDA Loan: USDA loans also offer flexibility, with no minimum score required per USDA guidelines, but most Kentucky USDA lenders will want a 640 score or higher. I Can do Kentucky USDA loans down to a 580 credit score on a manual underwrite.
- Kentucky FHA Loan: FHA loans are known for accommodating borrowers with lower credit scores, often accepting scores as low as 500 with a 10% down payment or 580 with a 3.5% down payment.
- Kentucky Fannie Mae Loan: Fannie Mae loans usually require a minimum credit score of 620 or higher, although some lenders may have slightly different requirements.
- Kentucky VA Loan: VA loans consider your stable income and employment history but may be more lenient if you have a history of military service or steady employment. 2 years of employment needed for loan application-minimal job gaps
- Kentucky USDA Loan: USDA loans often have income limits based on the area’s median income, and you need a stable income source. 2 years of employment needed for loan application-minimal job gaps
- Kentucky FHA Loan: FHA loans consider your income stability and work history, with guidelines that vary by lender. 2 years of employment needed for loan application-minimal job gaps
- Kentucky Fannie Mae Loan: Fannie Mae loans typically require a stable income and employment history, similar to conventional loans. 2 years of employment needed for loan application-minimal job gaps
- Kentucky VA Loan: VA loans generally have more lenient debt-to-income (DTI) ratio requirements, often allowing for a higher DTI compared to conventional loans. VA loans can get approved on much higher debt to income ratios vs FHA, USDA and Fannie Mae loans. 65% or higher in some situations but if manual underwrite, will want the ratios closer to 41% with good residual income for VA loan. VA loans are the only type of loans that require a residual income…FHA, Fannie Mae, USDA does not have residual income requirements
- Kentucky USDA Loan: USDA loans have very strict DTI ratio limits, typically around 41% to 45% max on the backend ratio and 33% or less on the front end. By far the most restrictive on debt ratios vs FHA, VA, and Fannie Mae loans
- Kentucky FHA Loan: FHA loans also have relatively flexible DTI ratio limits (56% back end ratio possible on a AUS approval), making them accessible to borrowers with moderate levels of debt. Front end ratio max 45%
- Fannie Mae Loan: Fannie Mae loans follow standard DTI ratio guidelines similar to conventional loans. TYpically the second most restrictive on debt ratios right behind USDA loans on tighter debt to income ratio requirements, with the max back-end ratio no more than 50% –Front end ratio max 45%
- Kentucky VA Loan: VA loans are more forgiving of past bankruptcy or foreclosure, often requiring a waiting period of 2 years for Chapter 7 bankruptcy and 1-2 years for foreclosure.
- Kentucky USDA Loan: USDA loans have specific waiting periods after bankruptcy (3 years for Chapter 7) and foreclosure (3 years).
- Kentucky FHA Loan: FHA loans have shorter waiting periods after bankruptcy (2 years for Chapter 7) and foreclosure (3 years).
- Kentucky Fannie Mae Loan: Fannie Mae loans typically require longer waiting periods after bankruptcy (4-7 years) and foreclosure (7 years).
- Kentucky VA Loan Advantages: Zero down payment, competitive interest rates, no private mortgage insurance (PMI) requirement, lenient credit and DTI ratios, and flexible eligibility criteria for veterans and active-duty service members.
- Kentucky VA Loan Disadvantages: Funding fee (although it can be rolled into the loan), limited to eligible veterans, service members, and some spouses.
- Kentucky USDA Loan Advantages: Zero down payment, lower interest rates, flexible credit requirements, and available in eligible rural areas.
- Kentucky USDA Loan Disadvantages: Limited to rural properties, income limits, and property eligibility criteria.
- Kentucky FHA Loan Advantages: Low down payment (3.5%), flexible credit requirements, competitive interest rates, and accessible to first-time homebuyers.
- Kentucky FHA Loan Disadvantages: Mortgage insurance premiums (MIP), stricter property standards, and limits on loan amounts.
- Kentucky Fannie Mae Loan Advantages: Available for a wide range of properties, competitive interest rates, and options for low down payments.
- Kentucky Fannie Mae Loan Disadvantages: Stricter credit and DTI requirements, potential for private mortgage insurance (PMI), and limited flexibility for borrowers with past financial challenges.
Joel Lobb Joel Lobb Mortgage Loan Officer
American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364Text/call: 502-905-3708 fax: 502-327-9119 email: [kentuckyloan@gmail.com](mailto:kentuckyloan@gmail.com)
http://www.mylouisvillekentuckymortgage.com/
NMLS 57916 Company NMLS #1364/MB73346135166/MBR1574
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage Loan Officer
2024.05.21 14:10 zytukin Is bankruptcy my only option? Self employed and went out of business
I was a self employed truck driver, my own truck, my own company. Was doing great for several years, paid off all my previous debts, and at the beginning of 2022 I bought a house for my mother. She couldn't get approved for the mortgage but I did due to my income, so I bought the house and she is the one paying the mortgage.
Halfway through the year things took a turn for me. Income dropped, I was having trouble staying profitable. Then near the start of 2023 my semi had a major breakdown costing me $13k and I had to take out a loan with Vader Mountain Capital to pay most of it. Then it broke down again, and again, and again, costing me over $40,000 between tows, repairs, and hotel stays. Not to mention lost income.
Ended up having to give up and close my company around this time last year after spending so much trying to keep the truck running and simply not being able to afford it. Final breakdown was around 250 mil;es from home and after a week of trying to secure yet more funding ended up calling my mother to come pick me up. Truck got repossessed in September (I called the finance company and voluntarily surrendered it), lost my CDL in August because the financial issues had been preventing me from affording my diabetes pills, and I'm almost $100k in debt between credit cards (19k, 8k, 1k), line of credit with my former bank (18k), the loan with Vader (14k), and whatever else I might still owe towards my truck (was 34k but the finance company finally picked it up last month and hasn't gotten back to me yet). I also owe 9k to my brother who took out a loan to pay for one of the repairs because I was considering abandoning the truck and trying to walk 1200 miles home (and at the time I honestly thought suicide was a better option, just leap off the highway overpass outside the repair shop I was at).
Now I'm working full time for $15 an hour at a local department store, bringing home maybe $20k a year after taxes. The only bills I'm paying monthly are for my cell phone and satellite TV (combined under $200 a month), and food. I have started the bankruptcy filing with a lawyer who charged me $1,800, but I'm really putting it off because the bankruptcy lawyer said the house would be taken. But my mother is also on the title and both her and brother are the ones who have paid most of the mortgage so far so if the house is taken it would be stealing equity from them and making them homeless, not just me.
So far everybody has been basically ignoring me except Vader who keeps threatening to sue and demanding payments that I simply can't afford (over $400 per week, unless I argue with them for 20-30 mins and they finally settle for much less).
Annoying thing about all this is that although my truck was repossessed, I still own the trailer that I could possibly sell for for 20 thousand or more to at least pay off Vader, but it's still sitting 250 miles away where my truck broke down last. It'll cost close to $4,000 to have it towed close to my home to sell easily, which I almost have the money for after saving for 6 months. Selling it where it sits is of course a cheaper option, except I also don't have easy access to a vehicle to go there and potentially sell it if somebody is interested.
submitted by zytukin to debtfree [link] [comments]
Halfway through the year things took a turn for me. Income dropped, I was having trouble staying profitable. Then near the start of 2023 my semi had a major breakdown costing me $13k and I had to take out a loan with Vader Mountain Capital to pay most of it. Then it broke down again, and again, and again, costing me over $40,000 between tows, repairs, and hotel stays. Not to mention lost income.
Ended up having to give up and close my company around this time last year after spending so much trying to keep the truck running and simply not being able to afford it. Final breakdown was around 250 mil;es from home and after a week of trying to secure yet more funding ended up calling my mother to come pick me up. Truck got repossessed in September (I called the finance company and voluntarily surrendered it), lost my CDL in August because the financial issues had been preventing me from affording my diabetes pills, and I'm almost $100k in debt between credit cards (19k, 8k, 1k), line of credit with my former bank (18k), the loan with Vader (14k), and whatever else I might still owe towards my truck (was 34k but the finance company finally picked it up last month and hasn't gotten back to me yet). I also owe 9k to my brother who took out a loan to pay for one of the repairs because I was considering abandoning the truck and trying to walk 1200 miles home (and at the time I honestly thought suicide was a better option, just leap off the highway overpass outside the repair shop I was at).
Now I'm working full time for $15 an hour at a local department store, bringing home maybe $20k a year after taxes. The only bills I'm paying monthly are for my cell phone and satellite TV (combined under $200 a month), and food. I have started the bankruptcy filing with a lawyer who charged me $1,800, but I'm really putting it off because the bankruptcy lawyer said the house would be taken. But my mother is also on the title and both her and brother are the ones who have paid most of the mortgage so far so if the house is taken it would be stealing equity from them and making them homeless, not just me.
So far everybody has been basically ignoring me except Vader who keeps threatening to sue and demanding payments that I simply can't afford (over $400 per week, unless I argue with them for 20-30 mins and they finally settle for much less).
Annoying thing about all this is that although my truck was repossessed, I still own the trailer that I could possibly sell for for 20 thousand or more to at least pay off Vader, but it's still sitting 250 miles away where my truck broke down last. It'll cost close to $4,000 to have it towed close to my home to sell easily, which I almost have the money for after saving for 6 months. Selling it where it sits is of course a cheaper option, except I also don't have easy access to a vehicle to go there and potentially sell it if somebody is interested.
2024.05.21 12:47 nwdrlf Understanding Student Loan Bankruptcy Portland, OR
Student loan bankruptcy may seem like a financial lifeline. But it comes with its complexities. Bankruptcy can offer relief for various types of debts. But student loans are often the exception. There are circumstances, especially showing “undue hardship”. Individuals might seek relief through bankruptcy. We can guide you through the bankruptcy process and help present your case for discharge.
Find more details at https://nwdrlf.com/should-i-file-bankruptcy-for-student-loans/
submitted by nwdrlf to u/nwdrlf [link] [comments]
Find more details at https://nwdrlf.com/should-i-file-bankruptcy-for-student-loans/
2024.05.21 12:05 yuritopiaposadism Capitalism is cannibalizing themselves to make the line go up
 | submitted by yuritopiaposadism to alltheleft [link] [comments] |
2024.05.21 11:53 Brief_Climate_579 Car Repo Question???
I recently filed bankruptcy and my debts were discharged 2 months ago, around the same time my car was taken, I reached out to the loan company and I was told they took it because they received notification that it was charged off under the bankruptcy but they told my lawyer it was due to a late payment of 18 days which is true, regardless this car loan is still showing as "active" on my credit report and 2 weeks ago I was hit with a 30 day late payment even though I no longer have the car and haven't in 2 months, my question is what can I or what should I do about this? Thanks
submitted by Brief_Climate_579 to legaladvice [link] [comments]
2024.05.21 09:10 maquinas501 Medical Bill Acquisition Industry Poised for Over 500% Growth in Coming Year
Investing in the Medical Bill Acquisition Industry can provide a significant financial advantage due to its projected 500% growth.
The growth of the Medical Bill Acquisition Industry is a significant development in addressing the healthcare affordability crisis in the United States. As more Americans struggle to afford medical care and face the prospect of bankruptcy due to medical debt, the role of these companies in helping patients pay their bills and ensuring providers receive payment is crucial. This news highlights the impact of this industry on addressing a pressing societal issue.
Read More https://newsramp.com/curated-news/medical-bill-acquisition-industry-poised-for-over-500-growth-in-coming-yeab2c7abaaca1ea152121cec654cdb82e9
submitted by maquinas501 to Business_NewsRamp [link] [comments]
The growth of the Medical Bill Acquisition Industry is a significant development in addressing the healthcare affordability crisis in the United States. As more Americans struggle to afford medical care and face the prospect of bankruptcy due to medical debt, the role of these companies in helping patients pay their bills and ensuring providers receive payment is crucial. This news highlights the impact of this industry on addressing a pressing societal issue.
Read More https://newsramp.com/curated-news/medical-bill-acquisition-industry-poised-for-over-500-growth-in-coming-yeab2c7abaaca1ea152121cec654cdb82e9
2024.05.21 06:11 Bitter-Anteater5233 Life gave me a few lemons this week.
Last week I (38m) finalized my divorce. I got $20k and had to pay my lawyer $14k (custody issues) leaving me with $6k.
Yesterday my truck was stolen with my girlfriend’s $2k bike and my $1k bike + $600 in other personal items and a $1600 camper shell on it. The thieves took everything to Mexico (I live near the border in the US) Insurance only pays $200 for personal items, and it may be likely I will not recover the fair market value for the truck.
I have $19k in credit card debt and $5k in personal loan debt from the failed marriage and a failed business I closed during COVID quarantine. Both have gone to collections, I’m getting letters and endless calls from the collection company.
My current gig is no longer steady pay, I am lucky to get 5-10 hours a week at $20 under the table.
My girlfriend’s minimum wage job cut her hours by two thirds. She is getting scheduled only 10-16 hours each week. She loves her work but used to make $80 an hour plus overtime and she has a graduate degree but doesn’t want to work in either of those fields as it was a huge cause of depression and anxiety.
We live in a van in one of the 3 most expensive cities in America.
I have custody of my kids every weekend, we stay at my parent’s home while we are together.
The job market where I live is a mixed bag and is very competitive. It’s not to say I can’t find a new job, I have plenty of skills I can use, no actual degree though. Unfortunately I find it very difficult to be employed rather than work for myself.
It may be the divorce and my truck being stolen in the same week but I feel completely hopeless now. The only savings I have is the $6k left from the divorce. Vanlife is wearing on my partner and I and the only reason we haven’t moved to somewhere more affordable is my kids.
What steps can I take to start to attain financial freedom? Is bankruptcy an option without any stable income? Could I invest my $6k to somehow better my situation in the long term? Should I use it to lessen my debts? Honestly any ideas or direction would be helpful as I’m feeling pretty hopeless in the moment. Thank you.
submitted by Bitter-Anteater5233 to Money [link] [comments]
Yesterday my truck was stolen with my girlfriend’s $2k bike and my $1k bike + $600 in other personal items and a $1600 camper shell on it. The thieves took everything to Mexico (I live near the border in the US) Insurance only pays $200 for personal items, and it may be likely I will not recover the fair market value for the truck.
I have $19k in credit card debt and $5k in personal loan debt from the failed marriage and a failed business I closed during COVID quarantine. Both have gone to collections, I’m getting letters and endless calls from the collection company.
My current gig is no longer steady pay, I am lucky to get 5-10 hours a week at $20 under the table.
My girlfriend’s minimum wage job cut her hours by two thirds. She is getting scheduled only 10-16 hours each week. She loves her work but used to make $80 an hour plus overtime and she has a graduate degree but doesn’t want to work in either of those fields as it was a huge cause of depression and anxiety.
We live in a van in one of the 3 most expensive cities in America.
I have custody of my kids every weekend, we stay at my parent’s home while we are together.
The job market where I live is a mixed bag and is very competitive. It’s not to say I can’t find a new job, I have plenty of skills I can use, no actual degree though. Unfortunately I find it very difficult to be employed rather than work for myself.
It may be the divorce and my truck being stolen in the same week but I feel completely hopeless now. The only savings I have is the $6k left from the divorce. Vanlife is wearing on my partner and I and the only reason we haven’t moved to somewhere more affordable is my kids.
What steps can I take to start to attain financial freedom? Is bankruptcy an option without any stable income? Could I invest my $6k to somehow better my situation in the long term? Should I use it to lessen my debts? Honestly any ideas or direction would be helpful as I’m feeling pretty hopeless in the moment. Thank you.
2024.05.21 05:24 Pandita_babe Just stop paying? NDR? Bankruptcy?
I am just overwhelmed at this point. I have about 18,000 in debt. 3cc and one personal loan. Wells Fargo - 8,600 Discover - 4,500 Nebraska furniture Mart - 2,000 Personal loan - 3,800
It started as a Wells Fargo card with 12,000 about 3 years ago. I got divorced. Had emergency gallbladder removal. And this year my mom had emergency brain surgery and I had to be home with her for about 2months. Now we are here. The discover and personal loan are from my attempts to debt consolidated on my own..... Clearly I am stupid for that. The other two are from my failed marriage and much of that was caused by my ex. He spent money behind my back constantly and lied about it. I can't keep up with payments or the interest rates or late fees anymore I am overwhelmed emotionally and financially. National debt relief seems better than bankruptcy. My credit score is already shit. But I hear horror stories and then happy endings and don't know what to think. I tried calling the creditors to work out an arrangement and it didn't work. They said I could settle if I could pay within 90 days. So absurd it's laughable. I'm so broke and failing at digging my way out.
submitted by Pandita_babe to Debt [link] [comments]
It started as a Wells Fargo card with 12,000 about 3 years ago. I got divorced. Had emergency gallbladder removal. And this year my mom had emergency brain surgery and I had to be home with her for about 2months. Now we are here. The discover and personal loan are from my attempts to debt consolidated on my own..... Clearly I am stupid for that. The other two are from my failed marriage and much of that was caused by my ex. He spent money behind my back constantly and lied about it. I can't keep up with payments or the interest rates or late fees anymore I am overwhelmed emotionally and financially. National debt relief seems better than bankruptcy. My credit score is already shit. But I hear horror stories and then happy endings and don't know what to think. I tried calling the creditors to work out an arrangement and it didn't work. They said I could settle if I could pay within 90 days. So absurd it's laughable. I'm so broke and failing at digging my way out.
2024.05.21 03:11 BikkaZz What happened to the Red Lobster of the ’80s and ‘90s? Like so many beloved brands, it got caught in the net of private equity before being reeled in and gutted.
First, Red Lobster got screwed by private equity. Then, it got screwed by its own managers.
Back in 2014, the Darden restaurant group spun off Red Lobster to a private equity firm.
It cost Red Lobster $11 million over three months.
What happened to the Red Lobster of the ’80s and ‘90s? Like so many beloved brands,
But recent mismanagement, competition, inflation and other factors brought down Red Lobster, analysts and former Red Lobster employees say.
submitted by BikkaZz to economy [link] [comments]
Back in 2014, the Darden restaurant group spun off Red Lobster to a private equity firm.
To finance the deal, that PE firm sold off most of Red Lobster’s property assets and then leased them back to the restaurants. But, as we learned in the bankruptcy filing, the vast majority of those restaurants were being charged rent at above market rates.Red Lobster was hit with “financial and operational challenges” — namely, the one-two punch of the pandemic and the price inflation it set off, followed by
the bone-headed strategic blunders that left the restaurant with $1 billion in debt and less than $30 million in cash on hand. The all-you-can-eat shrimp deal alone didn’t doom Red Lobster,The promotion had historically been a limited time thing, and it was a huge hit. Twenty bucks, for all the shrimp? Sign me up! Of course, that’s how every other crustacean-consuming American responded. Because in this country, “all you can eat” is as much a dare as it is a deal. And the lingering hangover of inflation left everyone hungry for a $20 meal that could conceivably provide a week’s worth of sustenance in a single sitting.
It cost Red Lobster $11 million over three months.
What happened to the Red Lobster of the ’80s and ‘90s? Like so many beloved brands,
it got caught in the net of private equity before being reeled in and gutted.https://www.cnn.com/2024/05/20/investing/red-lobster-restaurants-bankruptcy/index.html?
But recent mismanagement, competition, inflation and other factors brought down Red Lobster, analysts and former Red Lobster employees say.
“Years of underinvestment in Red Lobster’s marketing, food quality, service and restaurant upgrades hurt the chain’s ability to compete with growing fast-casual and quick-service chains.”Aka....The quickie paper profits that far right extremists libertarians bros call ‘free market ‘ ....🤔 Dismantling America economy system.
2024.05.21 02:51 xBadAppIex Chapter 7 - Private Student Loan
I have a pending Chap 7 moving right along. Should be discharged next month. I have a small private student loan. It’s not something that can be discharged.
Are debt collectors that were sent the bankruptcy filing but are not going to be discharged, allowed to send collection notices during the stay? I wasn’t behind on this loan prior to filing, lost access to my account, so sent money through BillPay. Debited from my account each month. They sent me a letter over the weekend saying , since I am no longer receiving monthly statements, my account is defaulted and collection activity will begin unless I contact them, to set up a payment arrangement.
submitted by xBadAppIex to Bankruptcy [link] [comments]
Are debt collectors that were sent the bankruptcy filing but are not going to be discharged, allowed to send collection notices during the stay? I wasn’t behind on this loan prior to filing, lost access to my account, so sent money through BillPay. Debited from my account each month. They sent me a letter over the weekend saying , since I am no longer receiving monthly statements, my account is defaulted and collection activity will begin unless I contact them, to set up a payment arrangement.
2024.05.21 01:21 officepup Bankruptcy/sole proprietorship
I have a one maned sole proprietorship in Maryland. My gross income for last month was $1500. I'm brand new (two months in) and I have two debt collectors attempting to sue me for two debts that happened long before. Will declaring bankruptcy (if possible), affect my sole proprietorship in anyway? Would I have to give it up? I don't have any business only own equipment or property. Not even bank account at the moment.
submitted by officepup to smallbusiness [link] [comments]
2024.05.21 01:05 Superewd1492 A Billion Shares
A billion shares? That's awful. It's a guess but I'm curious to see if the CEO cashed out during the run up. He can't sell right after earnings so I'm guessing last Thursday or Friday for a nifty $10 million profit off his $10 million debt rollover? It will be interesting to watch the SEC reports over the next 10 days. If he cashed out bankruptcy filing is imminent as he will have nothing to lose as he got any investment back, plus some, then doubled it.
submitted by Superewd1492 to GWAV [link] [comments]
2024.05.21 00:25 Moocao123 Vertical integration of the healthcare insurance and service without PBM or analytics support - the case of Bright Health Group (now known as NeueHealth)
 | Good evening fellow Healthcare_Anon members submitted by Moocao123 to Healthcare_Anon [link] [comments] As previously discussed, we will go ahead and review a case study of the vertical integration of the various services of the healthcare industry, which if done correctly, does indeed pose a very big beast and will be difficult to compete against. In this case for Bright Health Group (BHG), the hydra died before the heads sprouted properly. While BHG carcass continues to rot, one of its investors Cigna has completely exited Medicare Advantage in 2024 - Cigna lost $750 million dollars to prop up BHG in 2021 and will sell its MA division for $3.7B. Bright Health banks $750M investment from Cigna Ventures, New Enterprise Associates Fierce Healthcare Cigna inks deal to sell Medicare business to HCSC in $3.7B deal (fiercehealthcare.com) We therefore wonder, what went wrong? Again, let us review the following paper as our point of reference: Rooke-Ley H, Brown E, Grumbach K, Hoffman A, Ryan A, Roy V, Grogan C, Appelbaum E, Lipschutz D. Medicare Advantage and Vertical Consolidation in Health Care. American Economic Liberties Project, April 2024. Available: https://www.economicliberties.us/our-work/medicare-advantage-and-vertical-consolidation-in-health-care/#, accessed 05/19/24 (for this subreddit post) Which stemmed from a discussion post thanks to u/ Fabulous-airport-273. Without further ado, let us proceed. " Next, consolidation allows vertical conglomerates to steer revenue to their sister subsidiaries, such as primary and specialty care, post-acute care, and pharmacies. This not only enables them to skirt federal regulations intended to cap profits; it also drives out independent providers and allows conglomerates to steer patients away from expensive yet medically necessary care. Steering care generates “captive revenue” for vertical conglomerates. Bright Health, an MA insurance company that recently sold to Molina, depicted this strategy to investors. As shown in Figure 2, insurers see provider ownership as the “margin accelerator.” This is because ownership of the practice unlocks revenue from all third-party payers (i.e., other insurance companies and government payers with patients served by that provider), and it allows the insurance companies to retain more of their capitation payments through captive revenue. " This paragraph is highly important, which we will further discuss within a separate post. https://preview.redd.it/o0ltokpkhn1d1.png?width=1014&format=png&auto=webp&s=06b67c47816c26282211ffa62d2fd0e8d14f71cb Bright Health Group's business plan is basically a similar copy of UNH without Optum Rx and Optum Insight, however it failed in 2 parts - it didn't do the insurance part properly, and it didn't have the service section up and running. Do note that both Optum Rx and Optum Insight provided a large part of UNH profits and has considerable profits/revenue ratio. Therefore if Bright is unable to leverage the insurance section and create appropriate margins within the service section, then the whole edifice collapses. Let us review their 10K prior to the end of its existence: Source: https://preview.redd.it/pn3vnva2yo1d1.png?width=759&format=png&auto=webp&s=cb9f4292e98b62134140193d2a1fa975c67a400c As you can see, Bright Health Groups insurance segment did NOT do well, and did not leverage the insurance section. Even worse, if you look at the revenue YoY of the service section in comparison to the cost section, the cost of generating the revenue is much higher within segment while did not generate ANY service revenue return as a YoY basis. In fact operating cost in % of revenue increased from 2022 to 2023, and total revenue decreased. MCR is also atrocious overall, with no year at < 90%. If you recall in my previous BHG Bankruptcy DD, you will also note that BHG was very busy building clinics and eating a big hole in investor pockets doing so, including Cigna's $750 million dollars. The reason why this was needed was it is part of BHG's business plan. Ultimately it failed, because it neither had the expertise in managing its insurance segment (with MCR consistently north of 90%) and it did not have an adequate baseline infrastructure for the service section under NeueHealth, nor was it optimized. This is in contrast with UnitedHealthcare group and its subdivision of United Health group and Optum. Financially, Bright was strapped for cash by end of 2023, and somehow didn't notice it overdrew its credit facility from JP Morgan Chase. As Hoyt so eloquently put it - you don't owe JPM money, Jamie Dimon isn't known to be charitable (how else did he eat the Vampire Squid's lunch? If you aren't sure what I am talking about, you haven't read Matt Taibbi at his prime). Therefore Bright Healthgroup had to amputate itself from its Bright Healthcare division, with only Neuehealth remaining. NeueHealth is still alive, but on life support. It claimed it had positive adjusted EBITDA, which may be true, but it still owes CMS a lot of money for risk adjustment revenue from Bright in 2023. Its investor relation page will show you the nice adjusted EBITDA section, but you have to look at its debt and liabilities as well. https://preview.redd.it/9uw9i0g6on1d1.png?width=1856&format=png&auto=webp&s=501ae4bcdec6385c94003c74964a554d67b7ec68 https://preview.redd.it/a0ns5bmzon1d1.png?width=1849&format=png&auto=webp&s=3b453fcdbffcd0857f4280a46033110446d04e7d This last chart is actually the most important one: net decrease in cash of $126 million dollars, with $250 million dollars left in the bank. That gives 2 more quarters of cash burn at the same rate of cash burn. NeueHealth's life support is ending soon? Who gets to take a piece of this and inherit all the bad liabilities? In conclusion - the failure of BHG is in direct relation to its failure in cost containment within the insurance segment, and at the same time, having inefficient or not optimized service division that can staunch the bleeding. In contrast, UNH is leveraging its UHG insurance segment and supplementing the Optum segment, delivering impressive EPS. Thank you for taking the time to read through this. I hope this provides you with a better perspective on a glimpse of the landscape that I am personally aware. Please submit your comments below on your thoughts Sincerely Moocao |
2024.05.21 00:20 Temporary-Finding733 Over £10k debt, trying to stay afloat. Advice?
Long time lurker, first time poster; I've gotten myself into a situation where I - through Covid and a series of poor decisions - am now in a fair bit of debt and I need some advice on how I can chip away at it without having to apply for a DRO/bankruptcy.
I used to work in a mid/high salary job, but was recently made redundant and have had to move to a much lower paid role in a different industry, and I feel like I'm only just able to keep my head above water.
How can I get myself out of this hole without losing my mind? I've looked into the possibility of applying for a DRO but have no idea if it's the right decision for me, as it'll stay on my credit report for 6 years and I'd be publicly named on the gov.uk register for having a DRO (wild, to me personally).
Any advice would be really gratefully received
Thanks a lot
submitted by Temporary-Finding733 to UKPersonalFinance [link] [comments]
I used to work in a mid/high salary job, but was recently made redundant and have had to move to a much lower paid role in a different industry, and I feel like I'm only just able to keep my head above water.
- 34.5% credit card (£5500 debt)
- 24.3% cc (£8900)
- 39.9% overdraft (£2000 under)
How can I get myself out of this hole without losing my mind? I've looked into the possibility of applying for a DRO but have no idea if it's the right decision for me, as it'll stay on my credit report for 6 years and I'd be publicly named on the gov.uk register for having a DRO (wild, to me personally).
Any advice would be really gratefully received
Thanks a lot
2024.05.20 23:10 South-Remote6013 Parent in Nursing Home/ Debt
Hey Guys
I'm going through a dilemma with my father. He's been in the nursing home for over 2 months and was recently approved for Medicaid. As a result, all of his income (pension and social security) goes to the nursing home. My father had a lot of credit card debt, and I'm confused about what to do to address his debt. I can't pay the nursing home and his credit card debt. So should I help him file for bankruptcy or just let the credit cards go into delinquent status? If I contact the credit company, what should I say. I'm so lost.
submitted by South-Remote6013 to AgingParents [link] [comments]
I'm going through a dilemma with my father. He's been in the nursing home for over 2 months and was recently approved for Medicaid. As a result, all of his income (pension and social security) goes to the nursing home. My father had a lot of credit card debt, and I'm confused about what to do to address his debt. I can't pay the nursing home and his credit card debt. So should I help him file for bankruptcy or just let the credit cards go into delinquent status? If I contact the credit company, what should I say. I'm so lost.
2024.05.20 23:07 AblePost7537 What credit score do you need for a Kentucky mortgage loan approval in 2024?
Credit score needed to buy a house
Mortgage lending is risky, and lenders want a way to quantify that risk. They use your three-digit credit score to gauge the risk of loaning you money since your credit score helps predict your likelihood of paying back a loan on time. Lenders also consider other data, such as your income, employment, debts and assets to decide whether to offer you a loan.Different lenders and loan types have different borrower requirements, loan terms and minimum credit scores. Here are the requirements for some of the most common types of mortgages.
Conventional loan
Minimum credit score: 620A conventional loan is a mortgage that isn’t backed by a federal agency. Most mortgage lenders offer conventional loans, and many lenders sell these loans to Fannie Mae or Freddie Mac — two government-sponsored enterprises. Conventional loans can have either fixed or adjustable rates, and terms ranging from 10 to 30 years.
You can get a conventional loan with a down payment as low as 3% of the home’s purchase price, so this type of loan makes sense if you don’t have enough for a traditional down payment. However, if your down payment is less than 20%, you’re required to pay for private mortgage insurance (PMI), which is an insurance policy designed to protect the lender if you stop making payments. You can ask your servicer to cancel PMI once the principal balance of your mortgage falls below 80% of the original value of your home.
FHA loan
Minimum credit score (10% down): 500Minimum credit score (3.5% down): 580
FHA loans are backed by the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development (HUD). The FHA incentivizes lenders to make mortgage loans available to borrowers who might not otherwise qualify by guaranteeing the federal government will repay the mortgage if the borrower stops making payments. This makes an FHA loan a good option if you have a lower credit score.
FHA loans come in 15- or 30-year terms with fixed interest rates. Unlike conventional mortgages, which only require PMI for borrowers with less than 20% down, all FHA borrowers must pay an up-front mortgage insurance premium (MIP) and an annual MIP, as long as the loan is outstanding.
VA loan
Minimum credit score: N/AVA loans are mortgages backed by the U.S. Department of Veterans Affairs (VA). The VA guarantees loans made by VA-approved lenders to qualifying veterans or service members of the U.S. armed forces, or their spouses. This type of loan is a great option for veterans and their spouses, especially if they don’t have the best credit and don’t have enough for a down payment.
VA loans are fixed-rate mortgages with 10-, 15-, 20- or 30-year terms.
Most VA loans don’t require a down payment or monthly mortgage insurance premiums. However, they do require a one-time VA funding fee, that ranges from 1.4% to 3.6% of the loan amount.
USDA loan
Minimum credit score: N/AThe U.S. Department of Agriculture guarantees loans for borrowers interested in buying homes in certain rural areas. USDA loans don’t require a minimum down payment, but you have to meet the USDA’s income eligibility limits, which vary by location.
All USDA mortgages have fixed interest rates and 30-year repayment terms.
USDA-approved lenders must pay an up-front guarantee fee of up to 3.5% of the purchase price to the USDA. That fee can be passed on to borrowers and financed into the home loan. If the home you want to buy is within an eligible rural area (defined by the USDA) and you meet the other requirements, this could be a great loan option for you.
What else do mortgage lenders consider?
Your credit score isn’t the only factor lenders consider when reviewing your loan application. Here are some of the other factors lenders use when deciding whether to give you a mortgage.- Debt-to-income ratio — Your debt-to-income (DTI) ratio is the amount of debt payments you make each month (including your mortgage payments) relative to your gross monthly income. For example, if your mortgage payments, car loan and credit card payments add up to $1,800 per month and you have a $6,000 monthly income, your debt-to-income ratio would be $1,800/$6,000, or 30%. Most conventional mortgages require a DTI ratio no greater than 36%. However, you may be approved with a DTI up to 45% if you meet other requirements.
- Employment history — When you apply for a mortgage, lenders will ask for proof of employment — typically two years’ worth of W-2s and tax returns, as well as your two most recent pay stubs. Lenders prefer to work with people who have stable employment and consistent income.
- Down payment — Putting money down to buy a home gives you immediate equity in the home and helps to ensure the lender recoups their loss if you stop making payments and they need to foreclose on the home. Most loans — other than VA and USDA loans — require a down payment of at least 3%, although a higher down payment could help you qualify for a lower interest rate or make up for other less-than-ideal aspects of your mortgage application.
- The home’s value and condition — Lenders want to ensure the home collateralizing the loan is in good condition and worth what you’re paying for it. Typically, they’ll require an appraisal to determine the home’s value and may also require a home inspection to ensure there aren’t any unknown issues with the property.
How is your credit score calculated?
Most talk of credit scores makes it sound as if you have only one score. In fact, you have several credit scores, and they may be used by different lenders and for different purposes.The three national credit bureaus — Experian, Equifax and TransUnion — collect information from banks, credit unions, lenders and public records to formulate your credit score. The most common and well-known scoring model is the FICO Score, which is based on the following five factors:
- Payment history (35%) — A history of late payments will drag your score down, as will negative information from bankruptcies, foreclosures, repossessions or accounts referred to collections.
- How much you owe (30%) — Your credit utilization ratio is the amount of revolving credit you’re using compared to your total available credit. For example, if you have one credit card with a $2,000 balance and a $4,000 credit limit, your credit utilization ratio is 50%. Credit scoring models view using a larger percentage of your available credit as risky behavior, so high balances and maxed-out credit cards will negatively impact your score.
- Length of credit history (15%) — This factor considers the age of your oldest account, newest account and the average age of all your credit accounts. In general, the longer you’ve been using credit responsibly, the higher your score will be.
- Types of accounts (10%) — Credit scoring models favor people who use a mix of credit cards, installment loans, mortgages and other types of credit.
- Recent credit history (10%) — Lenders view applying for and opening several new credit accounts within a short period as a sign of financial trouble and it’ll negatively impact your score.
2024.05.20 22:50 Zealous_Fervor Should I just file for bankruptcy?
I had a job I loved for about 3 years, and got fired back in October. Struggled to find work until January, but only lasted at that job until March, at which point I resigned because I wasn't meeting the company's quota under their new upper brass changes, injured on the job (manual labor), and had a family friend go missing... I didn't expect to be unable to find work after that. Especially since I was told I was basically guaranteed a job at in career position before I resigned, only for the boss to drag his feet for months on end. Supposedly they're going to reach out to me after someone who's hardly ever there retires, but said employee doesn't seem to actually want to retire.
And so, I've pissed away my credit. After a failed attempt on my own life, I let myself get scammed a few times (take care of your mental health, especially when you're financially challenged, folks!), and my credit has dropped from 768 at the time of my resignation to the 530 range as of this week. Most of my credit is locked because I've been living off of it whilst unemployed, causing me to rack up even more debt with no consistent means of paying it off. The odd-jobs I used to manage to find usually ended up paying for food, not for credit debt.
I burnt the last of my cash paying off my parents' own pawn loans after finding the receipts in a coat my dad and I both wear, thinking I'd have a job by now. I was told that I had another job a week prior, only for that small business to cease operations to focus on other matters.
It's infuriating--I've applied for 70+ jobs and secured interviews with less than 5, only to be turned down by them. The worst feeling was when I tried to get some of the "bad" jobs and was turned down for being "overqualified"--like thanks, but I needed the freaking job. The ones that didn't turn me down were pyramid schemes that I fortunately recognized before getting roped in. I even ended up stuck in a payment plan contract I can't even afford, for a service that can't even be rendered thanks to me pissing away my credit. I'm stumped as to what I should do there.
I purchased a new vehicle last year months before I was fired, and got destroyed with dealership nonsense. $24k car with a $2k down and $3k trade in ended up costing me nearly $40k after interest. It's about to get repossessed, and honestly... Good riddance. I let myself get screwed over, and was just dealing with it before I lost my job. Too bad I'll still have to pay off the stupid amount of negative equity, plus a deficiency claim. Plus, the bank that I had the car with kept misreporting my balances as being higher than they are, resulting in me trying to pay off cards with money I didn't have. I'm trying to break away from them now, since its happened a bit too many times for my liking.
I'm fully willing to give up almost all of my assets that are worth anything--I've already been selling things off where I can online; but it's all going too slowly. I don't have a yard I can host a yard sale in, and our local flea market popups are all booked up. I've honestly been trying to just pay off and close my cards too, since I had two I wasn't even using until I hit this dilemma. Fortunately, I FINALLY landed another job after searching for nearly three months now.
Should I just file for bankruptcy at this point so I can manage this mess easier? I won't have my first payday until next month, and my credit score is already destroyed. I'm willing to bury it further for the chance at a new start, and to quickly offload the assets that either aren't budging, or I haven't gotten around to listing online yet. I'm confident in my ability to rebuild my score from zero after finally securing a job--but working my way out of more debt than I used to make annually feels impossible. The only thing that makes me hesitant really is just the bankruptcy mark getting left on my credit score, even after I rebuild it, and legal headaches.
submitted by Zealous_Fervor to povertyfinance [link] [comments]
And so, I've pissed away my credit. After a failed attempt on my own life, I let myself get scammed a few times (take care of your mental health, especially when you're financially challenged, folks!), and my credit has dropped from 768 at the time of my resignation to the 530 range as of this week. Most of my credit is locked because I've been living off of it whilst unemployed, causing me to rack up even more debt with no consistent means of paying it off. The odd-jobs I used to manage to find usually ended up paying for food, not for credit debt.
I burnt the last of my cash paying off my parents' own pawn loans after finding the receipts in a coat my dad and I both wear, thinking I'd have a job by now. I was told that I had another job a week prior, only for that small business to cease operations to focus on other matters.
It's infuriating--I've applied for 70+ jobs and secured interviews with less than 5, only to be turned down by them. The worst feeling was when I tried to get some of the "bad" jobs and was turned down for being "overqualified"--like thanks, but I needed the freaking job. The ones that didn't turn me down were pyramid schemes that I fortunately recognized before getting roped in. I even ended up stuck in a payment plan contract I can't even afford, for a service that can't even be rendered thanks to me pissing away my credit. I'm stumped as to what I should do there.
I purchased a new vehicle last year months before I was fired, and got destroyed with dealership nonsense. $24k car with a $2k down and $3k trade in ended up costing me nearly $40k after interest. It's about to get repossessed, and honestly... Good riddance. I let myself get screwed over, and was just dealing with it before I lost my job. Too bad I'll still have to pay off the stupid amount of negative equity, plus a deficiency claim. Plus, the bank that I had the car with kept misreporting my balances as being higher than they are, resulting in me trying to pay off cards with money I didn't have. I'm trying to break away from them now, since its happened a bit too many times for my liking.
I'm fully willing to give up almost all of my assets that are worth anything--I've already been selling things off where I can online; but it's all going too slowly. I don't have a yard I can host a yard sale in, and our local flea market popups are all booked up. I've honestly been trying to just pay off and close my cards too, since I had two I wasn't even using until I hit this dilemma. Fortunately, I FINALLY landed another job after searching for nearly three months now.
Should I just file for bankruptcy at this point so I can manage this mess easier? I won't have my first payday until next month, and my credit score is already destroyed. I'm willing to bury it further for the chance at a new start, and to quickly offload the assets that either aren't budging, or I haven't gotten around to listing online yet. I'm confident in my ability to rebuild my score from zero after finally securing a job--but working my way out of more debt than I used to make annually feels impossible. The only thing that makes me hesitant really is just the bankruptcy mark getting left on my credit score, even after I rebuild it, and legal headaches.